A consultancy in the offshore drilling industry has won a £400,000 cash boost to help it take on more contracts and staff.

Subsequence earned the investment from RBS Invoice Finance after presenting their plans to serve projects in East and West Africa, Gulf of Mexico, South East Asia, Europe and Brazil.

The company, which has offices in Erith, specialises in recruiting high-level engineers to the global offshore drilling industry.

It is on track to turn over £800,000 in its first year and projects that figure to rise to £1.6m following its funding boost.

The money will give it the cashflow needed to pay their contracted engineers and release money to reinvest in the business to take on more contracts and staff.

Director Rex Makin, who launched the venture with business partner Perry Reid, said: “We are an experienced management team with vast knowledge of the offshore drilling industry.

“We supply a very high calibre of experienced and sought after personnel so they obviously demand very high salaries and these large outlays were hampering our growth..." - Subsequence's Rex Makin

“We supply a very high calibre of experienced and sought after personnel, probably in the top 5% in their field, so they obviously demand very high salaries and these large outlays were hampering our growth.

“We needed a finance partner, like RBS Invoice Finance, to move the business forward and secure further contracts.

“We are no stranger to invoice finance and the benefits and credibility it brings, but with RBS Invoice Finance on board we feel they can help us achieve our short-term aspirations and dedicate their experience and support within our field of expertise to grow our business further.”

RBS Invoice Finance manager Steve Taylor added: “I am delighted to welcome Rex, Perry and the team to RBS Invoice Finance and look forward to seeing their specialised business prosper.”